Crypto Market Decline: Bitcoin and Ether Struggle as XLM Surges on Major Partnership
Bitcoin, ether start June in the red while futures show taste for risk. XLM, HYPE gain
Image: Coindesk
Bitcoin and ether opened June lower amid geopolitical tensions, continuing a downward trend from May. Meanwhile, Stellar's XLM soared over 40% following its selection for a tokenized securities platform by DTCC, highlighting a significant shift in institutional interest within the crypto market.
- 01Bitcoin dropped to $72,700, marking its sixth decline in seven days, following a 3.5% decrease in May, typically a positive month.
- 02Stellar's XLM surged 40.4% to $0.2862 after the DTCC announced it would use Stellar's network for a tokenized securities platform, boosting its market cap above $9.6 billion.
- 03Institutional risk appetite appears to be stabilizing with BTC open interest at $19.5 billion and positive funding rates across exchanges.
- 04The Binance liquidation heatmap indicates $72,280 as a critical liquidation level for Bitcoin.
- 05Overall crypto market sentiment is affected by U.S.-Iran tensions, with the CoinDesk 20 Index down 2% since midnight UTC.
Advertisement
In-Article Ad
As June commenced, the cryptocurrency market faced challenges, with Bitcoin and ether both starting the month in the red. Bitcoin fell to $72,700, continuing a trend of losses that saw it drop 3.5% in May, a month typically associated with gains. The decline coincides with rising tensions between the U.S. and Iran, which have negatively impacted market sentiment. In contrast, Stellar's XLM experienced a remarkable surge of over 40%, reaching $0.2862 after the Depository Trust & Clearing Corporation (DTCC) selected its network for a tokenized securities platform. This partnership positions Stellar at the forefront of Wall Street's multichain tokenization strategy, significantly enhancing its market cap to over $9.6 billion. Despite the overall downturn, derivatives data suggest a stabilization in institutional risk appetite, as open interest in Bitcoin remains steady at $19.5 billion. Notably, the Binance liquidation heatmap indicates a critical level at $72,280 for Bitcoin, which traders should monitor closely.
Advertisement
In-Article Ad
The fluctuations in Bitcoin and ether prices may influence investor sentiment and trading behaviors in the cryptocurrency market.
Advertisement
In-Article Ad
Reader Poll
What do you think will happen to Bitcoin's price in the coming weeks?
Connecting to poll...
More about Depository Trust & Clearing Corporation
Read the original article
Visit the source for the complete story.